CH 7--1 - The following information was taken from Mounds...

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The following information was taken from Mounds Company cash budget for the month of April 1. $29,000. $5,000. $2,000. $0. 0.17 points Question 2 1. While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take? Answer Void the check. If it has not been cashed in 5 months, it will never be cashed. Issue a replacement check because you assume the original check has been lost. Wait 3 more months to give the bank more time to clear the check. Investigate to determine why the check has not cleared. 0.17 points Question 3 1.
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Each of the following is a feature of internal control except Answer an extensive marketing plan. bonding of employees. separation of duties. recording of all transactions. 0.17 points Question 4 1. A $100 petty cash fund has cash of $15 and receipts of $80. The journal entry to replenish the account would include a credit to Answer Cash for $85. Petty Cash for $85. Cash Over and Short for $5. Cash for $80. 0.17 points Question 5 1. Management of cash is the responsibility of the company Answer 3 accountant. president. treasurer. vice-president. 0.17 points Question 6 1.
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Which one of the following would not cause a bank to debit a depositor's account? Answer 2 Bank service charge Collection of a note receivable Wiring of funds to other locations Checks marked NSF 0.17 points Question 7 1. All of the following are examples of internal control procedures except Answer 3 using prenumbered documents. reconciling the bank statement. customer satisfaction surveys. insistence that employees take vacations. 0.17 points Question 8 1. Browning Company is preparing a cash budget for September. The company's cash balance on September 1 is $5,800. The company anticipates cash receipts of $27,950 and cash disbursements of $29,330. If Browning desires a cash balance of $6,000, it must
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CH 7--1 - The following information was taken from Mounds...

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